Kepler Trust Intelligence - New Research

RNS Number : 3822L
ICG Enterprise Trust PLC
19 April 2018
 

ICG Enterprise Trust: New research        

19/04/2018

ICG Enterprise aims to deliver better than equity market growth over the cycle, through investing in private unlisted companies.

Click here to read the full report

Highlights:

·     High conviction portfolio of actively sourced private equity investments make up 43% of the trust and over time the manager's anticipate this reaching 50-60%

·     The move to ICG continues to have a beneficial impact on the team's ability to deploy capital. Within the ICG managed funds, the team are focussed on those that are targeting equity type returns of 15-20% IRRs. Almost a third of all capital deployed or committed in the last two years has been to ICG managed strategies or investments

·     The trust's exposure to the US, which has risen from 14% a year ago to 23%, is expected to reach 30-40% over time

·     Recent performance has been driven by a record level of distributions from the portfolio during 2017 - realisations have outweighed the total proceeds received in the previous two years. Sales have been completed at an aggregate 35% uplift to the most recent valuation and 2.4x cost

·     Move to a progressive dividend, payable in four quarterly instalments, equivalent to 2.5% pa at the current price

 

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Important information - non-independent research

ICG Enterprise Trust is a client of Kepler Trust Intelligence. This material should be considered a marketing communication, and is not independent research.

This report has been approved under section 21 of the Financial Services and Markets Act 2000 by Kepler Partners LLP for communication to retail clients and private persons as defined by the Financial Services Authority. This is a marketing document, and should be considered non-independent research as defined in COBS 12.3.2R. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only. The information in this report is believed to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Please remember that past performance is not necessarily a guide to the future. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. Independent financial advice should be taken before entering into any financial transaction. Kepler Partners LLP is a limited liability partnership registered in England and Wales at 9/10 Savile Row, London W1S 3PF with registered number OC334771. Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority.

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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